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Most insurance companies will refund any remaining policy time. It will be prorated. If your mortgage company paid it out of escrow funds, the refund may get sent to them.

2006-09-05 14:02:18
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How does the insurance company calculate the amount of premium to refund when a policy is cancelled?

Insurance premiums are calculated for the year. If you cancel your policy refunds are usually issued retroactively. So if you cancel your insurance 6 months into your policy, you wil be refunded for the remaining 6 months. It is usually calculated to a daily value, so you will get a refund for the remaining days left in the year. However, it is up to the insurance compant on what their refund policy is. Some companies will have a cancelation policy of 1 months cost of insurance if you cancel your policy. Most companies however have no fee.

How do you Cancel Home Owners Insurance and get a refund on remaining insurance due to home sale?

When you call you insurance company to cancel, they may want the request in writing...this is helpful if you have an agent, because you can just pay them a visit. The refund from unearned premium should be sent to you within a week of cancellation

Do you get refund if you cancel auto insurance?

In most states, companies are required by law to give you a pro rata refund, that is give your money back for the time remaining on your policy.

Can you cancel motorcycle insurance if you sell motorcycle?

Sure, you can. The insurance company should pay you a pro-rated refund after you cancel the policy.

How long does it take to get a refund from Geico after you cancel your insurance?

one year

Do you get a refund if you cancel homeowners insurance?

Yes, if you cancel your home insurance policy mid term you would be entitled to the unearned portion of your premium payments.

Will Allstate insurance company refund premium if you cancel a landlord's policy?

They will refund any of your unused premium. For example, if you paid $600 in full for the year and you are 2 months into the policy term then they would owe you $100.

Can you cancel Progressive Insurance in Virginia at any time and get a refund if paid in Full?

Yes, you can cancel any policy at any time, and expect a refund for the used portion of premium paid.

Is it legal for a insurance company to auto renew an liability insurance policy in Connecticut?

I don't think it violates Connecticut insurance regulations. But you should be able to cancel the policy and get a pro-rated refund or full refund.

If there is a policy that is three months old and you cancel it will there be any money back?

Depends on the mode of premium...that is, did you pay an annual (yearly) premium, a semi-annual, quarterly or monthly premium? Whichever mode you used, the insurance company will (should) refund the "unearned" amount you paid. For instance, if you paid an annual premium (12 months), and you cancel after just three months of coverage, then you should receive a refund equal to nine (9) months woth of premium, etc.

What is the refund fraction for a 55 month loan that is paid off with 15 months remaining?


Can you get a one day insurance cover note to get your car out of a police compound?

You will probably have to get a policy and then cancel it after you get your vehicle, the difference will be refunded to you by the insurance company. Check to see if there is a time frame in which they will give a full refund for when you decide to cancel. Some companies will issue a full refund if you cancel within 24-48 hours and make sure there are no large cancellation fees.

Sold your house forgot to cancel insurance?

Contact your insurance company and explain the situation. If you are able to prove when you sold the house the company should issue you a refund for the period after you sold the home. If you have an agent call him/her and they should be able to help you get the refund.

If you cancel your insurance the day after it renews do you get a refund?

You should minus a processing fee and one day worth of coverage. Auto insurance policies are written on a pro-rated basis.

How do you cancel n get refunded?

You click cancel order and contact them for a refund.

If the hazard insurance from your mortgage agreement was cancelled do you get a refund and the mortgage payments go down?

Mortgage insurance is required when you have less than 20% down or equity in your home. Once you reach that percentage of ownership, you can cancel the insurance. Hazard insurance is different. Most Morgagees (Lenders) have a clause that forces you to continually have hazard insurance without lapses or they will assign insurance for you. The assigned insurance generally is more expensive than all other alternatives. If you cancel your current hazard insurance you would likely receive a refund but it would be unwise to cancel without getting insurance from another company... and especially unwise to spend the money. Your payments would not go down, but likely up because of the assigned insurance.

A fire insurance policy had an annual premium of 780 What is the regular refund if the policy is cancelled by the insurance company after 5 months?

You are due a refund of of all unearned premium. Associated policy production fees are nonrefundable.

Can you get a refund on homeowners insurance if you no longer own the property?

You may cancel a policy of any kind whenever you like and you will receive a refund on the unearned premium. If you don't own the property any longer, you certainly can cancel the policy. Make sure your agent cancels as of the day after you sold the property.

Do you get a refund if you cancel your membership on Club Penguin?


Do you get a refund if you cancel our term life policy?


If a broker sells a policy where vehicles are registered under a different name from policy holder insurance company cancels policy can you legally get deposit refunded and HOW if Broker denies refund?

If I were you I would contact the insurance company directly. I would not call the broker. You can always cancel your insurance and have the right to at least a partial refund. Most carriers will refund the entire unearned premium. Good luck.

A property insurance policy has an annual premium of 780 What is the regular refund if the policy is canceled by the insurance company after five months?

They are required to refund any unearned premium portion. Policy fees and the like are considered fully earned.

Should you renew your mother's car insurance after she dies?

Since she is deceased, she is no longer driving, so no insurance is needed. You could cancel and possibly get a pro-rated refund. If you were on her policy, you will need to obtain your own.

A fire insurance policy has an annual premium of 780 What is the regular refund if the policy is canceled by the insurance company after five months?

An insurance premium is the amount that the buyer pays the company monthly or annually which keeps the policy in effect. If a person paid a 780 dollar annual premium which was canceled after 5 months, they would be owed a 455 dollar refund.

Can you break an home and car owners policy?

If you mean "cancel", then yes you can. Just call the company or your insurance agent.More info:If you cancel your policies before the end of the policy expiration/renewal date, then you will also get a refund on what you paid. They wil pro-rate how much is owed to you based on how many days or months you had already paid for, and how many were still left for that policy period.But before you do cancel, you need to obtain insurance from some place else. The reason is because many insurance companies won't insure you if you don't already have insurance, or if you let your policy lapse. If this were to happen, you would then have no auto insurance, which is illegal, and no home owners insurance, which could cost you dearly in the event of a loss.